Precision Fund Services Successfully Completed AML Audit for 2023 🔍

We are thrilled to announce that Precision Fund Services has achieved a significant milestone by successfully completing its Anti-Money Laundering (AML) audit for the year 2023, conducted by a reputable Cayman law firm. This accomplishment stands as a testament to our unwavering dedication to upholding the highest compliance standards and ensuring utmost transparency in our operations.

🎯 Objectives of the Assessment 🎯

The assessment's objectives were comprehensive, aiming to ensure the adequacy and effectiveness of our internal policies and procedures. The assessment covered crucial areas, including:

✅ Customer Identification and Verification: Our procedures for identifying and verifying customers underwent a thorough review to ensure their legitimacy and compliance with relevant laws and regulations.

✅ Record Keeping and Retention: The assessment evaluated our record-keeping practices to guarantee the accuracy and completeness of vital data required for AML purposes.

✅ Third-Party Relationships and Transactions: Adequacy of procedures concerning third-party relationships and transactions was assessed to safeguard against potential risks.

✅ Compliance with Laws and Regulations: Meticulous testing confirmed our adherence to applicable AML laws and regulations.

✅ Training Program Adequacy: The effectiveness and comprehensiveness of our training program were reviewed to equip our employees with the necessary knowledge of AML laws, regulations, guidance, policies, and procedures.

✅ Employee Knowledge Assessment: Employees' knowledge of AML laws, regulations, guidance, and internal policies and procedures were evaluated to ensure a well-informed team.

✅ Identification and Reporting of Suspicious Activity: Our process for identifying and reporting suspicious activity, including screening lists, underwent scrutiny to enhance our ability to detect and deter illicit actions.

✅ Recommendations for Remedial Action: A comprehensive analysis of our AML practices was conducted, and we proposed recommendations for areas of improvement, ensuring a proactive approach to compliance.

🔍 Scope of the Audit 🔍

The audit, conducted by the reputable Cayman law firm, encompassed all aspects of our AML program, with a detailed review of the following sub-processes:

📑 Compliance Management: Our compliance management framework underwent thorough evaluation to maintain a robust and effective AML program.

📑 AML Policy and Procedure Manual: We assessed the adequacy and relevance of our AML policies and procedures to align with the dynamic regulatory landscape.

📑 Risk-Based Approach: Our risk-based approach was carefully analyzed to ensure it remains efficient and adaptive to emerging risks.

📑 Business Risk Assessment: A comprehensive business risk assessment was conducted to identify and address potential vulnerabilities.

📑 KYC/CDD (Identification) Procedures and Checklists: Our KYC/CDD procedures and checklists underwent rigorous scrutiny to enhance customer due diligence measures.

📑 Client Acceptance / Onboarding: The assessment included a review of our client acceptance and onboarding processes to ensure robust onboarding practices.

📑 On-going Monitoring / Periodic Reviews: Our ongoing monitoring and periodic review processes were examined to maintain continuous compliance oversight.

📑 Suspicious Activity Reporting: We analyzed our process for identifying and reporting suspicious activities, ensuring swift action when necessary.

📑 Register of Enquiries made by the Financial Reporting Authority (FRA) and Disclosures to the FRA: The effectiveness of our communication with the Financial Reporting Authority (FRA) was reviewed to foster transparency and cooperation.

📑 Record-Keeping: Our record-keeping practices were thoroughly examined to guarantee the accuracy and availability of essential AML-related information.

📑 Training: The training provided to our employees was assessed to ensure they stay well-informed and equipped to handle AML-related matters.

💪 Our Commitment 💪

This comprehensive assessment underscores our commitment to maintaining a robust AML program, and we are delighted to report that we have successfully met the objectives set forth in the audit.

🙏 Gratitude 🙏

We extend our sincere appreciation to our team, whose dedication and diligence have been instrumental in achieving this milestone.

📞 Get in Touch 📞

For any further inquiries regarding our AML procedures, please do not hesitate to contact our dedicated compliance team.

Thank you for your attention!